Living in SF is a choice, for technologists. In addition to the absurd rent, there is also the lifestyle nominally associated with the choice to live in SF. The bars, the restaurants, the nightlife, the shows, etc.
I fully agree. Personally I would hate to spend 50% of my earnings on a rental property month after month. Suppose there's not all that much that can be done about it given the constant population growth and everybody wanting to be close to urban centres. Makes it very competitive.